A trading halt has been put on Tower shares as the insurance company finalises capital raising plans.
The following note has been issued through the NZX and ASX:
“NZX Regulation (“NZXR”) advises that it has placed a trading halt on Tower Limited (“TWR”) ordinary shares. The trading halt was placed at 1.18pm today.
“The trading halt has been put in place as Tower Limited is at an advanced stage of finalizing underwriting for a capital raising to be announced with its audited financial results on 14 November 2017.
“It wishes to ensure an orderly market while the offer terms, and sub underwriting pricing and allocations with market participants, are finalized in the next few hours.”